Final Review

Most economic models rest on the assumption that people are:

How many Supreme Court justices are there?

The United States, Mexico, and Canada make up which trade agreement?

Workers who have given up looking for work for more than 6 months are called

Congress is prohibited from taxing 

A luxury tax is which type of tax?

How many justices need to agree in order for the Supreme Court to hear a case?

The federal income tax on individuals is

Who appoints a Supreme Court justice?

Which of the following parts of government has the power to levy taxes?

What kind of jurisdiction allows both a state and federal court to hear a case?

The federal government imposes taxes on all of the following except:

Which is NOT one of the First Amendment freedoms?

If we desire more of something than we can have it is called:

Tim has an hour. He can play soccer or study. He studies. The opportunity cost is:

Activities produced in an economy are known as:

Which of the following is NOT an example of a resource?

Which of the following is an example of a public good?

Resources are exchanged for money in:

Race/ethnicity can be used in the college admissions process

Courts with the authority to hear appeals from lower courts are said to have:

A budget deficit is when...

Which of the following are substitutes?

Which court would hear a case involving citizens suing each other for less than $75,000?

There are 94 of these courts across the US they hear most federal cases first. They are:

The natural rate of inflation is

The natural rate of unemployment includes all the following types of unemployment EXCEPT...

The Judicial Branch has been set up by which article of the Constitution?

Whenever the scarcity of money or time forces you to make a choice, you face:

Judges who are more comfortable overturning earlier decision made by lower courts use:

A person who files suit is a:

The base year CPI

Economics is:

Unemployment that is expected to be short-term while in between jobs is known as

In which case did the Supreme Court decide that Fourth Amendment rights were violated?

Which form of federal taxation yields the greatest revenue for the government?

Which of the following is true of Social Security?

A curve showing the max. qty of 1 good that can be produced for each qty of another good is:

Judges of the Supreme courts are

The skills and knowledge of workers describes the scarce resource:

The expenditure method for calculating GDP is

The highest wages within a business cycle occur during the 

The US GDP is primarily based on

Surpluses are caused by

Things that we desire that are not essential to life are known as:

Which of the following is an example of a regressive tax?

Spoken falsehoods are:

The Constitution limits borrowing

All of the following cases challenged the First Amendment EXCEPT:

Physical items produced in an economy are known as:

The Eighth Amendment protects people from:

If a Supreme Court justice disagrees with the decision made by the Court the justice may write:

“Net Benefit is the decision about how much of an additional benefit of something would be.”

Which is a spending category in the federal budget that is considered ‘controllable’?

Carlos rents office space for his company. Which resource is he using?